Since last week, a total of 10 ships have sailed as part of an agreement with Russia to unblock Ukrainian grain shipments by sea.
Following news that more ships are leaving Ukraine to transport grain exports to international markets, Chicago wheat and corn prices have decreased.
The US Midwest is expected to receive welcome rain and cooler temperatures, which will harm maize and soybean crops.
By 1112 GMT, the most active wheat contract on the Chicago Board of Trade, Wv1, had decreased 1.4 percent to $7.64-1/4 a bushel. Soybeans Sv1 decreased 0.09% to $14.07-1/2 a bushel while corn Cv1 dropped 1.1 percent to $6.03 per bushel.
As part of an agreement with Russia to open up Ukrainian seaborne grain exports, two additional ships carrying maize and soybeans sailed from Ukrainian ports on Monday, bringing the total number of ships to 10 since the first ship went last week.
It is hoped that a large additional Ukrainian supply will reach global markets.
As more ships leave Ukraine, the price of wheat and corn is plummeting, according to StoneX commodity risk manager Matt Ammermann.
The question at hand is if and when Ukraine will start exporting large quantities of grain.